Robinhood beat its 4Q 2025 earnings estimates, but the electronic trading platform disappointed analysts on revenues.
Key Takeaways
- Robinhood’s 4Q 2025 revenues grew by 27% year over year, but they were lower than Wall Street estimates.
- The company reported $0.66 per share for the quarter, which was 3 cents higher than estimates.
- Robinhood sees private markets as an untapped growth opportunity.
Robinhood had an enviable year in 2025. The trading platform posted record total revenues of $4.5 billion. It also set records for total earnings of $2.05 per diluted share. Net deposits also set a record at $68 billion.
“2025 was a record year where we set new highs for net deposits, Gold Subscribers, trading volumes, revenues, and profits, and we closed the year with a strong Q4,” said Shiv Verma, Chief Financial Officer of Robinhood.
While Q4 was strong, it was not quite as strong as Wall Street expected. It also failed to keep the exceptional momentum it reported in Q3 2025. As a result, Robinhood’s stock price was under pressure in after-hours trading on Tuesday.
Robinhood’s crypto revenues were particularly weak in Q4 2025, coming in at $221 million, which was 38% lower than in Q4 2024. Overall, cryptocurrency prices languished during the fourth quarter, keeping trading activity at a low. But other metrics were encouraging.
Robinhood’s Gold Subscribers – customers who pay $5 per month for VIP services – grew by 58% YoY to a total of 4.2 million. Meanwhile, net interest revenue came in at $411 million, up 39% YoY.
So, while the Q4 2025 numbers weren’t everything that Wall Street hoped for, Robinhood is optimistic about the near future.
Enjoying Covers content? Add us as a preferred source on your Google account
2026: Prediction markets and private markets
Robinhood is starting the year with a new CFO. Shiv Verma, previously Robinhood’s senior vice president of finance and strategy, and treasurer, was appointed CFO effective Feb. 6. Robinhood’s former CFO, Jason Warnick. will serve as a strategic advisor until his retirement on Sept. 1.
Verma is particularly optimistic about the coming year.
“2026 is off to a strong start, and we are incredibly excited about our plan and momentum for the year ahead as we focus on shipping great products for customers and driving profitable growth for shareholders,” said Verma.
One of the highlights going into this year is Robinhood’s growth in prediction markets. Earlier this year, the company formed a joint venture with Susquehanna International Group to acquire MIAXdx, which provides the partnership with a CFTC-licensed exchange and clearinghouse.
As good as the outlook is for prediction markets, however, Robinhood CEO Vlad Tenev thinks there is a market that could be even more important. During Tuesday’s conference call, Tenev said, “I think private markets could become even bigger than prediction markets.”
Private markets, which include pre-IPO stocks, private equity and venture capital assets, are currently difficult for the retail investor to access. President Donald Trump, however, issued an executive order in August, which could make it easier for retail investors to own private market investments in their retirement accounts. If that comes to fruition, it sounds like Robinhood is ready.
“Our vision hasn’t changed: we are building the Financial SuperApp,” said Tenev.
